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Monthly Archives: January 2013

Lovely Price Action Trading Today. 3 Trades 119 Pips Profit.

We had some nice price action trading set ups today.

First trade of the day was EJ long at 11933 up to 11963 for 30 pips.
Next trade was Euro short at 13389 down to 11343 for 46 pips.
Last trade EJ long at 11889 up to 11932 for 43 pips.

Markets have gone a bit quiet now, so i will be calling it a day. I have a nice target on Cable for tomorrow that will hopefully get filled. I will keep you posted.

Have a great trading day.

Goldman Sachs Says Buy Euro Dollar To 137.

The Euro Dollar rallied strongly yesterday on the back of a buy recommendation from Goldman Sachs, with a price target of 137. This buy recommendation came about an hour after a sell recommendation from another broker at 13270 targeting 12950. I cant remember who it was that made the sell recommendation but it played nicely into the hands of Goldman who i am sure were accumulating long positions on the back of it.

This is why i don’t trade news. You could have got caught out big time yesterday if you were shorting down to 12950.

Euro dollar has rallied significantly in the last 2 days so i am expecting a bit of a retrace late Monday or early Tuesday. We may take out yesterdays high on Monday before a retrace is seen though, so don’t go short until you have a clear reversal signal.

OK, trading update for the last 2 days.

Thursday we had 2 trades. First trade was Cable short at 16066 down to 16051 for 15 pips. We also had another Cable long trade at 16036 up to 16096 for 60 pips.

Yesterday we had 3 trades. First trade was Euro short at 13283 down to 13253 for 30 pips. Next trade was Cable long at 16109 up to 16151 for 42 pips. We then took Cable short at 16151 down to 16103 for 48 pips.

Update for the week as follows. 13 trades. 401 pips profit.

Nice start to the new year. 🙂

If you want to get your Forex trading year off to the best possible start, please see my Forex training course here.

2 Nice High Probability Trades Today. 79 Pips Profit.

We could have had a handful of trades today but for one reason or another we did not get the correct set up. Today was a good trading day, i am a little miffed that we did not get more pips in the bank, but i only take high probability trades and if my targets do not get hit then i cannot take the trade im afraid.

Its frustrating sometimes when this happens but you have to try and forget about it and move on to the next opportunity.

I will give you an example of what i mean. I had been waiting for a long trade to set up since last Thursday on EJ. We nearly got what we were looking for yesterday afternoon but the price bounced off a support level around 15 pips from my entry and scuppered the trade. I called it a day at around 10.30 yesterday evening to watch some TV, as the markets were a little quiet moving into the Asian session. I checked the charts again at around 11.15 and saw that EJ had pushed down 45 pips to within 3 pips of my entry in the space of half an hour, and proceeded to shoot back up 100 pips over the next 3 hours. So i was not a happy bunny going into today. 🙁

Anyway, I did make up for it with 2 nice trades today for 79 pips profit.

First trade of the day was Cable long at 15996 up to 16030 for 34 pips.
Second trade was EJ short at 11500 down to 11455 for 45 pips.

As i said we could have had a few more nice trades today but my levels did not get hit so i could not take the trades. Oh well tomorrow is another day, with more opportunities for pips. 🙂

Trades For Yesterday And Today. 6 Trades 127 pips profit.

Just a quick update on the trades we have taken yesterday and today.

Yesterday we had 2 trades.

First trade was AUD short at 10506 down to 10477 for 29 pips.
Second trade was EJ short at 115.14 down to 115.03 for 11 pips.

Today we had 4 trades.

Cable long at 16077 up to 16096 for 22 pips.
We then had Euro short at 13125 down to 13100 for 25 pips.
We also had Euro long at 13070 up to 13090 for 20 pips.
Final trade of the day was Cable long at 16035 up to 16055 for 20 pips.

Not massive pips, but good solid high probability trades. Hoping for more tomorrow. 🙂

Have a great trading day.